China HongX 250408

China Hongx opened above the downtrend resistance (upp red), and the 0.720 resistance turned support (red --) today. Although China Hongx created a new high, the volume did not create a new high.



This was evident as China Hongx softened and tested the the 0.720 support (red --) and downtrend resistance (upp red), before closing above the opening price.

From the chart, we can see that China Hongx almost tested the uptrend resistance (upp blue) and long term downtrend resistance (upp black).

If volume continues to lower, we might see China Hongx trading sideways next week, provided it can stay above the 0.720 support (red --).

If the 0.720 support breaks, we might see China Hongx testing the uptrend support (mid blue) at the 0.700 level.

Even if China Hongx breaks the long term downtrend resistance (upp black), the uptrend resistance (upp blue) might prove too big a hurdle.

For monday :

Support @ 0.720 (red --), 0.715 (upp red), 0.695 (mid blue), 0.665 (low red, mid black)
Resistance @ 0.747 (upp black), 0.758 (upp blue), 0.790 (light blue)

Good Luck !!